The CRM market is booming – but this shouldn’t come as a shock to you.
According to Fortune Business Insights, the global CRM market is expected to reach 145.79 billion – yes, billion – in 2029.
Businesses of all sizes, from start-ups to international organizations, all want the latest and greatest CRM software. This way, they can build and nurture relationships with customers that last a lifetime.
In a nutshell, CRMs connect all of the data from your customers and sales leads into a single, easy-to-manage place. Through CRM software, you can experience the luxury of having customer emails, calls, documents, purchases, quotes, and everything else in between all in one place. This is invaluable to you – the business owner – as well as your sales and marketing staff members whose job it is to acquire and retain customers.
So, now that you know the basics of what a CRM system is all about, why exactly should your business optimize one? After all, is it worth the monetary investment?
The short and sweet answer is a resounding yes. However, if you want some extra convincing on the matter, here are 5 reasons why your company needs a CRM system in place for the coming years:
1. Provide Better Customer Service
Naturally, almost every company on the planet wants to provide best-in-class customer service – and having a CRM strategy in place is one of the best ways you can make this a reality.
For example, through a data-led approach, CRMs can help you to solve customer issues much faster than before. Most CRMs come with help desk ticketing systems that customer service employees can analyze and learn from. Before speaking to a customer, they can load up that customer’s profile to discover what their purchase history is like and anything that they have previously been unhappy with. With this information onboard, customer service employees are much better equipped to handle customers on a personalized, highly detailed basis.
Similarly, the vast majority of CRMs also log emails, SMS messages, and phone calls. Again, these are great learning materials. Has one of your customers complained about the customer service they received? No problem: you can look through the CRM database and listen back to the call to see what the problem was. Then, immediately after, you can contact the customer to apologize and resolve the issue.
2. Boost Sales
An excellent CRM system will boost your sales within the first year.
This is possible thanks to CRM analytics, which provide valuable insight into customer habits, behaviours, and more. As a result, you know which customers to market specific products to. On top of this, you can also generate exciting leads before quickly turning them into big sales.
3. Make Life Easier for Employees
With a CRM system, employees get instant access to mountains of data that they can then make smart decisions. On the other hand, if you don’t have your customer data on record (or your records are scattered all over the place), then this makes day-to-day operations extremely difficult.
4. Grow Your Remote Workforce
Do you want to hire remote employees from different cities? Great – because a CRM system will enable you to do this more efficiently.
A CRM system will enable your employees to get work done from anywhere in the world through their computers, laptops, and smartphones.
Staff will be able to stay connected with your CRM system at all times, enabling them to chase leads, manage customer accounts, answer customer queries, and more.
5. Automate Forecasting
Through helpful metrics, such as year-over-year (YOY) growth, it’s easy for CRM systems to produce automated, highly accurate sales forecasts and more. From these forecasts, management can then gain clear insight into how their business is progressing.